GET Protocol's Protocol Owned Liquidity Program Launches on Ethereum Network

Creating dependable liquidity for the GET-ETH pair on the Ethereum network

After a successful launch of our Protocol Owned Liquidity on Polygon in February for the GET-ETH LP pair, today we’re bringing this program across to the GET-ETH LP pair on the Ethereum network through Olympus Pro.

Protocol Owned Liquidity

On Thursday 17th February we launched our Protocol Owned Liquidity program on Polygon which has allowed the protocol to own its own liquidity by acquiring LP tokens from market participants. This gives the protocol autonomy over the LP tokens & thus underlying liquidity that it accounts for, creating dependable deep liquidity for protocol operations and market participants alike.

You may not be too familiar with the POL mechanism, but it’s a method that’s grown in popularity over the last 6-9 months spearheaded by Olympus DAO & their Olympus Pro program.

The Need for Dependable Liquidity

Whilst liquidity is crucial for any project, for GET Protocol it’s amplified as we’ve consciously built our global ticketing infrastructure to remove all crypto & blockchain complexity away from the end user experience.

Whilst ticketing partners, event organisers, artists and their attendees have a seamless experience when using our infrastructure, behind the scenes at the heart of GET Protocol’s NFT ticketing infrastructure is the $GET token that fuels every ticket issued through the protocol.

The on-chain nature of the $GET token ensures a clear value flow, accounting and pricing for ticketing activity. That being said, due to the nature of fuelling operations in the background it is not an option for us to turn away ticketing integrators and event organisers because of low liquidity.

‘I’d love to use the protocol but I can’t buy in effectively’ are words we need to avoid at all costs.

Liquidity needs to flow at all times and be deep enough to support high throughput of on-chain ticketing & tokenomic activity. As such we’re always looking for ways to strengthen the liquidity available for the GET-ETH pairs on a long term basis and share in the collective evolution of liquidity capturing mechanisms as they are discovered and battle tested by the Web3 space as a whole.

The Rate Of LP Acquisition on Polygon

Since the start of POL in February, we’re very happy with the sustainable rate of liquidity ownership on Polygon, having currently captured roughly $370,000+ share value of the GET-ETH pool.

With GET Protocol’s activity continuing to grow exponentially, our priority is to guarantee stability of liquidity across all available GET sources.

This is why today we’re announcing the expansion of this program to the GET-ETH pool on the Ethereum network. This ensures that overtime, the protocol has multi-network liquidity that it can depend upon.

You can find the GET-ETH LP bonding page on Olympus Pro here:

For a walkthrough on how to use this tool to give your LP tokens in return for discounted GET, please refer to our FAQ here.

You can monitor the overall progression of GET Protocol’s Protocol Owned Liquidity through the excellent community Dune dashboard built by Treaqura:

LP distribution reduction rates

The LP program distribution rate is currently being reduced over the next several months, with a targeted end point of August 2022.

For Polygon, the current reduction rate of the LP program distribution is:

  • April: 8,000 $GET/mo

  • May: 6,000 $GET/mo

  • June: 4,000 $GET/mo

  • July: 2,000 $GET/mo

  • August: 0 $GET /mo

We will now begin to align the Ethereum LP program to match Polygon, with a distribution schedule of:

  • April: 12,000 $GET/mo

  • May: 8,000 $GET/mo

  • June: 4,000 $GET/mo

  • July: 2,000 $GET/mo

  • August: 0 $GET /mo

At this point in time we expect that the protocol will own the majority of all GET-ETH liquidity across both Ethereum & Polygon.

How does this work? How does the protocol come to own its own liquidity?

Through partnering with Olympus Pro, GET Protocol is able to offer GET bonds in exchange for LP tokens from the GET-ETH pool on Polygon & Ethereum. Those who have GET-ETH LP tokens will be able to exchange them through the Olympus Pro site for discounted $GET.

This discounted $GET is vested for 7 days, meaning that it cannot be accessed by the bond purchaser until the vest period is complete.

The discount rate for GET is based on bond demand and is always in a state of change, it’s worth noting however that this discount rate is maintained by Olympus’s mechanisms and whilst the discount will be attractive enough to capture LP, it will never drop low enough to create a significant arbitrage disparity between the open market and discounted $GET offering. This mechanism has been battle tested by Olympus across not only their own treasury but also through 25+ partnered protocols.

Want to learn more about this system? Check out our FAQ here.

Have questions about Protocol Owned Liquidity?

Join our Discord and chat with our community and team, we’d be more than happy to help answer any questions you may have.

The GET Protocol Foundation

Since 2016 we have been building ticketing infrastructure powered by the latest technology to upgrade the experience for all in the ticketing chain.

Ticketing companies of all sizes use our infrastructure to get clearer insights, generate greater revenue and maximise the connection through their tickets.

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A parting note

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